meaning of 6 months average for POF?

[chardys]

so we're required to have the "average balance for the past six months" in the POF. Does that mean average monthly balance for each month, and not the average throughout the six months (which would produce one number for six months)? or do I need both?

Also, does the average throughout the six months also need to be above the cutoff, in addition to the amount I have now? Let's say if I received $18,000 as a gift at the end of January, and I have a letter stating it is a gift and not a loan. In that case, monthly averages would be as follows (it's a simplified version of the same situation I'm facing);

Dec 16: $0
Jan 17: $0
Feb 17: $18,000
Mar 17: $18,000
Apr 17: $18,000
May 17: $18,000
Six-months average: $12,000

Even though I have $18,000 now (which is above $12,300, the cut-off for one person), the six months average is below the cutoff. would this be a problem?

 

[Marty_]

Any big difference in average six months balance and current savings balance requires an explanation that the amount is not a loan.
Since you have received a gift, you will need a gift deed stating the amount. Also a date of transfer to your bank account should be mentioned.

Sometimes banks either give average balance for every month or average 6 months balance.

 

[sivasagi]

so we're required to have the "average balance for the past six months" in the POF. Does that mean average monthly balance for each month, and not the average throughout the six months (which would produce one number for six months)? or do I need both?

Also, does the average throughout the six months also need to be above the cutoff, in addition to the amount I have now? Let's say if I received $18,000 as a gift at the end of January, and I have a letter stating it is a gift and not a loan. In that case, monthly averages would be as follows (it's a simplified version of the same situation I'm facing);

Dec 16: $0
Jan 17: $0
Feb 17: $18,000
Mar 17: $18,000
Apr 17: $18,000
May 17: $18,000
Six-months average: $12,000

Even though I have $18,000 now (which is above $12,300, the cut-off for one person), the six months average is below the cutoff. would this be a problem?

No, you are good. Do you have any proof on how you got 18000 funds in Feb? If yes, you are good to go.

 

[maged_mmh]

so we're required to have the "average balance for the past six months" in the POF. Does that mean average monthly balance for each month, and not the average throughout the six months (which would produce one number for six months)? or do I need both?

Also, does the average throughout the six months also need to be above the cutoff, in addition to the amount I have now? Let's say if I received $18,000 as a gift at the end of January, and I have a letter stating it is a gift and not a loan. In that case, monthly averages would be as follows (it's a simplified version of the same situation I'm facing);

Dec 16: $0
Jan 17: $0
Feb 17: $18,000
Mar 17: $18,000
Apr 17: $18,000
May 17: $18,000
Six-months average: $12,000

Even though I have $18,000 now (which is above $12,300, the cut-off for one person), the six months average is below the cutoff. would this be a problem?

never mind the nitpicks, you're absolutely good to go

 

[chardys]

thanks folks!